Mirasol reports results of infill drilling in the silver project Joaquin in Argentina
0May 8.05.2012, 8 VANCOUVER, BC - Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M12.000R) is pleased to announce the latest results from infill drilling in the area of the La Negra silver deposit. These holes are part of a more than 35 meter diamond drill program and feasibility study for the Joaquin Silver Project in Santa Cruz Province, Argentina. The Feasibility Study is being fully funded by Mirasol's joint venture partner Coeur d'Alene Mines ("Coeur"). Results from 4 new infill holes in the La Negra area and XNUMX holes drilled for metallurgical testing are reported here.
Figure 1
The results of further 54 infill and extension holes in La Negra and La Morocha are still pending. Coeur is currently continuing its exploration drilling in other target areas of the property with two rigs.
These holes will be used to extend the initial resources from the La Negra and La Morocha deposits at Joaquin, which were reported to 2011 in May (see 1 Appendix and 9 May 2011 News Release). Most of the new holes are located within the Whittle® software modeled resource deposit at La Negra, with a smaller portion adjacent to it. The previously determined resource block model and resource repositories were determined using drill hole data up to DDJ-135. Since the initial resource calculation, including the holes published here, 92 infill drilling has been completed within and around the modeled zones of the La Negra and La Morocha deposits; 60% of the corresponding analysis results are pending.
Figure 2
The most important results of the infill drilling at La Negra include those from the holes DDJ-213 and DDJ-218. Both contain in addition to the silver share and significant gold values. The heavily gold-mineralized intersections are found in hole DDJ-213, which intersected 21,0 meters with 278 g / t silver and 0,79 g / t gold, and hole DDJ-218, which on 6,0 meters 1.077 g / t silver and 1,98 g / t had gold. Both gold mineralized sections were found within longer stretches of silver mineralization. Hole DDJ-213 intersected 156 meters with 71 g / t silver and 0,18 g / t gold, while hole DDJ-218 intersected a total of 45,0 meters with 179 g / t silver and 0,28 g / t gold. The assumed true widths were not calculated because the mineralization model for La Negra involves approximately horizontal mantos and a steeply falling feeder zone and therefore a comprehensive geological evaluation is required, which will only be available in the planned revaluation of mineral resources the rest of the year will be 2012.
The holes drilled to obtain metallurgical test data aimed for sulphide ore mineralization near La Morocha at depth and La Negra near the surface. The analysis data for two new vertical metallurgical holes drilled in near surface sulfide mineralization at La Negra returned extremely high silver values. Among them were the highest product values in terms of content and thickness, which were previously found on the project site; they exceed the high-grade discovery holes DDJ-43 and DDJ-58, which are also located in this area, in terms of intersection length and ore grade itself (Figure 2: Map). The true power of the new intersections is unclear; Both holes confirm exceptionally high values (28,0 meter core length with 1.970 g / t silver and 0,59 g / t gold respectively 26,2 meter with 3.208 g / t silver and 0,79 g / t gold in the holes DDJ-251 and -252 (ore content hole is not capped.) Hole DDJ-251 contains an 3,0 meter long section averaging 17.905 g / t silver and 1,84 g / t gold at 100% core yield (ore grade was not capped).
Table 1. Project Joaquin - Summary of key results from infill drilling and metallurgical drilling
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http://www.irw-press.com/dokumente/Mirasol_070512_German.pdf
Hole DDJ-251 had a core recovery of 100% in the portion of the hole with the highest grade of ore, whereas Hole DDJ-252 had moderate to low core recoveries of 62-46% in the high grade zone (Table 1) . Low yields can influence a representative sampling and show values that are too high or too low for the respective section. The geometric properties of the high grade mineralization are uncertain. However, it should be noted that the original holes were drilled approximately 45 degrees to the southwest, while the two new holes were drilled perpendicularly. It is therefore unlikely that the original holes were drilled parallel to the collapse of the structure.
The core from these holes was quartered to obtain sample material for analysis (Tables 1 and 2). The remainder of the core is sent for metallurgical examination and, among other things, subjected to a flotation process. In the past, excellent recovery rates of 83% - 97% for silver and 77% - 87% for gold were achieved from the sulphide ore material (technical report, Mirasol press release of June 28, 2011). Assay results from the two metallurgical holes at La Morocha show similarities to the original holes duplicated by twin holes DDJ-253 and DDJ-254 (DDJ-100 and DDJ-49, respectively).
Expansion and infill drilling on the Joaquin Silver Project commenced in October 2011, where the first published resource estimate identified 19,6 million ounces of silver in the Indicated Category and 47,9 million ounces of silver in the Inferred Category (Mirasol news release dated May 9, 2011 and Appendix 1). In the current report the results from an additional 35 holes (DDJ-193 to -227) are given; The aim of these holes was to increase the hole density within the La Negra deposit. A full list of intercepts can be found in Appendices 2 and 3. In addition to the new infill wells, Mirasol previously announced data from infill and extension wells in the northern part of the La Negra resource area (based on resource estimate - August 8, 2011 ; DDJ-141 to -143 and DDJ-153 to -159; and February 23, 2012; DDJ-160 to -192).
A map summarizing the results from the holes drilled at La Negra after the first resource estimate is presented here (Figure 2). It highlights the large amount of new data generated to support future resource estimates. The data is plotted as cumulative product of grade and thickness of silver equivalent values ("Ag-eq. Gram-meter product") plotted on the starting point of each hole to emphasize the importance of each hole.
Coeur has budgeted a total of 2012 million for 5,8 exploration and feasibility studies in the Joaquin project. Currently, the company is involved in 51% of the project Joaquin and has decided to expand its stake in 61%. To do so, the company has to finance all activities up to the delivery of a complete 43-101-compliant feasibility study. Coeur has communicated that in 2. Quarter 2012 a recalculation of the estimated resources for the deposits La Negra and La Morocha is planned. Among other things, the holes are completed to DDJ-227; the first resource estimate included holes up to DDJ-135.
Mirasol is optimistic about progress in the Joaquin Silver Project and looks forward to reporting on the activities that will further confirm the size and eligibility of the known resources, or ongoing exploration in other parts of this large prospective concession area ,
About Mirasol Resources
Mirasol Resources Ltd. is an exploration company specializing in the generation of promising projects. The focus is on the discovery of potentially high quality precious metal deposits in the Americas. Mirasol currently holds all rights to twenty exploration projects, including eight advanced-stage precious metals licenses in Santa Cruz Province, southern Argentina. One of them is the Virginia Silver Project, where near-surface diamond drilling opens up oxidized silver mineralization. The company operates subsidiaries in Argentina and Chile, owns the strategically important Rubi copper-gold porphyry project in Chile and also generates exploration targets in other promising regions of the Americas.
Paul G. Lhotka, Chief Geologist at Mirasol, has reviewed and approved the technical content of this news release in his role as NI 43-101 Qualified Person.
For more information, please contact:
Mary L. Little
President and CEO
Tel: (604) 602-9989: Fax: (604) 609-9946
Email: ppgad@pucrs.br
Website: www.mirasolresources.com
Quality control and quality assurance: Coeur d'Alene is responsible for the operation of the Joaquin joint venture project and has therefore passed the drilling results and quality assurance data reported in this press release on to Mirasol. The drill core samples were submitted to Alex Stewart, Argentina SA and ALS Laboratories for analysis. Both analysis laboratories are ISO 9000-2000 certified and are located in Mendoza (Argentina). The gold and silver contents were examined by means of standardized fire tests (30 g sample) and the gold contents were then determined by means of atomic absorption and the silver contents by means of gravimetric methods. As part of quality control, Coeur adds blank, standard and duplicate samples to the sample stream when analyzing samples from the Joaquin Project wells. Mirasol has arranged for an independent analysis of the quality assurance data collected by Coeur. Dr. Paul Lhotka has reviewed the Coeur data and calculated the intersections listed in this press release. He is a Qualified Person under National Instrument 43-101.
The results of the analysis of the diamond core samples or RC hole samples may be higher, lower, or similar than those of the samples taken at the surface.
The TSX Venture Exchange and its regulators (referred to in the Articles of Association of the TSX Venture Exchange as Regulation Services Providers) accept no responsibility for the adequacy or accuracy of this announcement.
Appendix 1. Resources - Joaquin Project (100% of the project)
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/Mirasol_070512_German.pdf
Appendix 2. Joaquin Project - full infill drilling results - La Negra
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/Mirasol_070512_German.pdf
Appendix 3. Project Joaquin - all metallurgical drilling results
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/Mirasol_070512_German.pdf
Appendix 4. Project Joaquin - Sites still unpublished holes
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/Mirasol_070512_German.pdf
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